11月批发通胀涨幅低于预期 零售销售环比走高

Core Insights - The Producer Price Index (PPI) for November increased by only 0.2%, which is below the expected 0.3% increase according to Dow Jones, but it is 0.1 percentage points higher than the increase in October [3][6][11] - The core PPI, excluding food and energy, remained flat month-over-month, which is lower than the anticipated 0.2% increase [3][6][11] - Year-over-year, the PPI rose by 3%, significantly exceeding the Federal Reserve's target inflation rate of 2% [3][6][11] - The core PPI, excluding trade services, saw a year-over-year increase of 3.5%, marking the largest increase since March 2025 [3][6][11] - A notable factor in the PPI increase was a 0.9% rise in commodity prices, primarily driven by a 4.6% surge in energy prices, while service prices remained unchanged [3][6][11] Consumer Sector Insights - Retail sales in November increased by 0.6% month-over-month, surpassing the expected growth of 0.4% [4][10][11] - Excluding the automotive sector, retail sales grew by 0.5%, which is higher than the anticipated 0.3% [4][10][11] - The growth in retail sales was broad-based, with significant increases in sales from automotive dealers, building materials and garden supply stores, gas stations, sporting goods stores, and various general merchandise stores, all exceeding 1% [4][10] - Year-over-year, retail sales rose by 3.3%, outpacing the Consumer Price Index (CPI) increase of 2.7% for the same month [5][10]